Lease of Part - Sixth Floor, 14 Bishopsgate

1. Grant of Lease

1.1 The Landlord lets and the Tenant takes the premises known as the sixth floor of 14 Bishopsgate, London EC2N 4AJ (the “Premises”) together with the rights set out in Schedule 1, for the Term, at the Rent and on the terms of this Lease.

1.2 The Term is five (5) years from and including the Term Commencement Date, subject to the break right in clause 6.

2. Rent

2.1 The Tenant shall pay the Rent by equal quarterly instalments in advance on the usual quarter days, the first payment being a proportionate sum for the period from the Rent Commencement Date to the next quarter day.

2.2 The Rent shall be reviewed on the third anniversary of the Term Commencement Date to the open market rent, upwards only, in accordance with Schedule 3.

2.3 The Tenant shall also pay the Service Charge and the Insurance Rent within fourteen (14) days of written demand.

3. Tenant's Covenants

3.1 The Tenant shall keep the interior of the Premises in good and substantial repair and condition, fair wear and tear excepted, and shall decorate the interior in the last year of the Term.

3.2 The Tenant shall use the Premises only as offices within Class E(g)(i) of the Town and Country Planning (Use Classes) Order 1987 and shall not do anything on the Premises which may be a nuisance to the Landlord or the occupiers of adjoining premises.

3.3 The Tenant shall not assign, underlet or part with possession of the whole or any part of the Premises except by an assignment or underletting of the whole with the prior written consent of the Landlord, such consent not to be unreasonably withheld or delayed.

3.4 The Tenant shall not make any structural alterations. Non-structural alterations require the Landlord's prior written consent, not to be unreasonably withheld, and shall be reinstated at the end of the Term if the Landlord so requires.

4. Landlord's Covenants

4.1 The Landlord shall permit the Tenant to hold the Premises peaceably without interruption by the Landlord, provided the Tenant pays the Rent and performs its covenants.

4.2 The Landlord shall keep the structure, exterior and common parts of the Building in good repair and shall provide the services listed in Schedule 2 with reasonable skill and care.

4.3 The Landlord shall insure the Building against the Insured Risks for its full reinstatement value and shall reinstate the Premises following damage by an Insured Risk as soon as reasonably practicable.

5. Insurance and Damage

5.1 If the Premises are damaged by an Insured Risk so as to be unfit for occupation, the Rent shall be suspended until the Premises are reinstated or for three (3) years, whichever is shorter.

6. Break Right

6.1 The Tenant may terminate this Lease on the third anniversary of the Term Commencement Date by giving the Landlord not less than six (6) months' prior written notice, provided that on the break date the Rent is paid up to date and the Tenant gives vacant possession of the whole of the Premises.

7. Forfeiture and General

7.1 If the Rent is unpaid for twenty-one (21) days after becoming due, or the Tenant breaches any covenant, or the Tenant becomes insolvent, the Landlord may re-enter the Premises and this Lease shall end, without prejudice to any right of action in respect of any prior breach.

7.2 This Lease is a new tenancy for the purposes of the Landlord and Tenant (Covenants) Act 1995. The Parties have agreed to exclude sections 24 to 28 of the Landlord and Tenant Act 1954 and the statutory notice and declaration procedure has been followed.

Schedule: Particulars